Yen Rallies Most in 3 Years as BOJ Refrains From Added Stimulus
This article is for subscribers only.
The yen rose the most in three years against the dollar as the Bank of Japan refrained from adding more stimulus measures that tend to weaken a currency.
Japan’s currency snapped a two-day decline as BOJ Governor Haruhiko Kuroda held back from extending the maturity of loans to banks as part of its monetary stimulus that pushed the yen down almost 10 percent this year. The currency extended gains versus the dollar as Treasuries rallied even after demand slumped at a Treasury auction of three-year notes. Australia’s dollar dropped to an almost three-year low after data showed home-loan approvals expanded by less than economists forecast.